How can you warp text?
Here is a way to do it:


Create your X object, set its origin to its geometry.
Give your X object a Subsurf modifier and a Smooth Shading.
Create an Empty at its base.
Give your X object a Simple Deform modifier > Twist mode, and choose the Empty as the Axis Origin.
Create 3 keyframes through the timeline for the Deform Angle of the modifier, for example:
frame 0 = 0°
frame 30 = 120°
frame 60 = 0°


Now your X object twists, but you must rotate it:


In the Properties panel > Object > Transform, rotate your X object on the Z axis, for example:
frame 0 = 0°
frame 60 = -360°


To do the second twist (on the X axis), just disable the first Simple Deform modifier with a keyframe on its visibility (eye and camera icons) after the end of the twist, create a second Empty on the right or left of the X object, rotate this new empty 90° on the Y axis, give your X object a new Simple Deform modifier with this second Empty as the axis, and again, play with angles, rotation and keyframes.

Also, if you want to move your X object in your scene, parent your X object and its empties to a new empty.